Winners and Losers: Which State Enterprises Made Money—and Which Are Sliding Towards Financial Crisis?
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By CTV Africa Business Analysis
BANJUL – The Gambia government’s latest State-Owned Enterprises report paints two very different pictures of public institutions in The Gambia.
On one side are companies that delivered strong financial performances.
The Social Security and Housing Finance Corporation (SSHFC) posted an impressive D665.8 million profit, nearly four times higher than the previous year, driven by higher investment income and foreign exchange gains.
The Gambia National Petroleum Corporation (GNPC) also staged a turnaround, moving from a D124.8 million loss in 2024 to an D80.4 million profit in 2025 after changing its fuel procurement strategy, reducing financing costs and tightening expenditure controls.
On the other side are institutions still facing deep financial uncertainty.
GAMTEL remained in the red, recording a D101.9 million loss, despite increased revenue from internet services. The report cites ageing infrastructure, repeated fibre optic cuts, theft of telecommunications equipment and inadequate network investment as key reasons for its poor performance.
Gambia International Airlines (GIA) also slipped further into crisis, posting a D17.5 million loss after revenues declined because of increased competition in the ground handling market. The report says the airline must improve service quality, retain customers and diversify its income sources to remain financially viable.
The contrasting performances underscore the uneven state of The Gambia’s public enterprises. While some institutions are benefiting from reforms, investment income and improved management, others remain burdened by structural inefficiencies, ageing infrastructure and increasing competition.
For policymakers, the report offers both encouragement and a warning: financial recovery is possible, but without sustained reforms, several strategically important state-owned enterprises could continue to rely on taxpayer-funded bailouts for survival.
